Uber to go public in 2-3 years, says new CEO Dara Khosrowshahi

Uber loses $645 million on revenues of $1.75 billion every year.

Now that Uber has made an official announcement about its new CEO, the ride-hailing major has more pressing issues to address. In his first all-hands meeting at Uber HQ in San Francisco on Wednesday, Dara Khosrowshahi announced that the $69 billion company could be looking at going public in the next “18-36 months”. It would mean that several investors and shareholders (that includes employees) would be able to cash out and get richer by 2020.

Before it goes public though, Uber would have to hire a new CFO along with many other positions currently empty in its top management. Interestingly, during Khosrowshahi address, Arianna Huffington — Uber board member who was also part of the CEO search committee — seemed to indicate that Expedia CFO Mark Okerstrom too could well be on his way to Uber. “This company has to change. What got us here is not what’s going to get us to the next level,” Khosrowshahi reportedly said to Uber employees. ALSO READ: All you need to know about new Uber CEO Dara Khosrowshahi

Khosrowshahi, who’s slated to take charge early next week, said that Uber’s priority is to “pay the bills” and move ahead. Despite being the world’s most valued startup, Uber is currently losing $645 million on annual revenues of $1.75 billion. Its impending IPO has been much discussed lately; a potential stake sale to Japan’s SoftBank is another possibility. Meanwhile, the new CEO’s candour is refreshing. “Am going to be transparent & authentic with you, so I can deserve the same from you. I won’t B.S. you, and I hope you won’t B.S. me,” he told employees. ALSO READ: SoftBank keen to invest in either Uber or Lyft before entering America: Reports

Khosrowshahi was generous towards his predecessor Travis Kalanick, who had to leave his own company under unfortunate circumstances. One of Uber’s key marquee investors, Benchmark Capital, is now trying to get him out of Uber’s board as well. The new CEO thus inherits a severely dysfunctional organization in an increasingly competitive landscape. However, he seems to have earned everyone’s confidence. “Casting a vote for the next chief executive of Uber was a big moment for me and I couldn’t be happier to pass the torch to such an inspiring leader,” Kalanick said of Khosrowshahi.